The Philippines: San Miguel Brewery Inc. reports 20.2% jump in nine-month profits
San Miguel Brewery Inc. (SMB), Phillippines’ biggest beer producer, saw profits jump 20.2 percent to P19.4 billion in the first nine months of the year, as it recorded strong domestic and international sales, Inquirer.net reported on November 7.
SMB, which controls over 90 percent of the Philippine beer market, said in a statement that consolidated revenues during this period climbed 9.4 percent to P108.3 billion.
It added that earnings growth was driven “mainly by higher volumes from both domestic and international operations, and a more positive business environment”.
Operating income during the period also grew by 8.5 percent to P24.1 billion.
“SMB domestic beer volumes expanded by 4.3 percent, driven by dynamic brand campaigns, targeted sales programs and a sustained economic recovery that saw more markets reopening amidst the backdrop of rising inflation and living costs,” said the beer unit of conglomerate San Miguel Corp.
“On the international front, SMB reported an 8.9 percent increase in sales volume, bolstered by the performance of its Export business along with notable growth in the Hong Kong and South China markets,” it added.
With roots going back to a small distillery in Manila in 1890, SMB currently has a portfolio of several beer brands. These are Red Horse Beer, San Mig Light, San Miguel Flavored Beer, San Mig Zero, Gold Eagle Beer, San Miguel Super Dry, San Miguel Premium All-Malt Beer, Cerveza Negra, Kirin Ichiban and San Miguel Pale Pilsen.
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